What is fiduciary responsibility?
As an Attorney-in-Fact, you are fiduciary to your Principal. A “fiduciary” is a person who has the responsibility for managing the affairs of another, even if only a part of that person’s affairs are being managed. A fiduciary has the responsibility to deal fairly with the Principal and to be prudent in managing the Principal s affairs. You, as an Attorney-in-Fact, are liable to third parties only if you act imprudently or do not use reasonable care in performing your duties. If ever you are acting as an Attorney-in-Fact and are unsure as to whether you are doing the right thing, seek out professional advice not only to protect yourself but to protect the Principal.
